What Is Cash Advance?
Cash advances can refer either to money taken out on credit, using a credit card or to a payday loan.
Credit or charge card providers allow borrowers to withdraw cash up to a specified amount through an ATM or at a bank.
Payday lenders give money in the form of a short-term loan.
In both cases, cash advances come with a fee and are oftentimes charged at a higher interest rate than other types of loans.
Advantages of Cash Advances from Payday Lenders
Even though cash advances are associated with higher costs than personal loans, cash advances provide one of the best ways to obtain emergency cash.
When applying for a cash advance from a payday lender, you should expect to fill out an application online and provide the lender with all of their required documents. Usually, they include proof of monthly income, a government ID and address and telephone information.
Usually, application processing takes one business day, with the cash transferred into your account on the same day.
For more information on cash advances status in US states, please, refer to our “Lenders by State” section.